Here are the key factors to keep in mind today for Euro trades:
- German Factory Orders: German Factory Orders for September increased by 1.0% monthly and by 9.5% annualized. Economists predicted a decrease of 1.1% monthly and an increase of 7.1% annualized. Forex traders can compare this to German Factory Orders for August which increased by 3.6% monthly and by 8.3% annualized.
- Italian Services PMI and Composite PMI: The Italian Markit Services PMI for October was reported at 52.1. Economists predicted a figure of 53.0. Forex traders can compare this to the Italian Markit Services PMI for for September which was reported at 53.2. The Italian Markit Composite PMI for October was reported at 53.9. Economists predicted a figure of 54.3. Forex traders can compare this to the Italian Markit Composite PMI for for September which was reported at 54.3.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for September was reported at 57.3. Economists predicted a figure of 57.4. Forex traders can compare this to the previous French Markit Services PMI for for September which was reported at 57.4. The Final French Markit Composite PMI for September was reported at 57.4. Economists predicted a figure of 57.5. Forex traders can compare this to the previous French Markit Composite PMI for for September which was reported at 57.5.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for September was reported at 54.7. Economists predicted a figure of 55.2. Forex traders can compare this to the previous German Markit Services PMI for for September which was reported at 55.2. The Final German Markit/BME Composite PMI for September was reported at 56.6. Economists predicted a figure of 56.9. Forex traders can compare this to the previous German Markit/BME Composite PMI for for September which was reported at 56.9.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for September was reported at 55.0. Economists predicted a figure of 54.9. Forex traders can compare this to the previous Eurozone Markit Services PMI for for September which was reported at 54.9. The Final Eurozone Markit Composite PMI for September was reported at 56.0. Economists predicted a figure of 55.9. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for September which was reported at 55.9.
- Eurozone Sentix Investor Confidence: Eurozone Sentix Investor Confidence for November was reported at 34.0. Economists predicted a figure of 31.0. Forex traders can compare this to Eurozone Sentix Investor Confidence for October which was reported at 29.7.
- Eurozone PPI: The Eurozone PPI for September increased by 0.6% monthly and by 2.9% annualized. Economists predicted an increase of 0.4% monthly and of 2.7% annualized. Forex traders can compare this to the Eurozone PPI for August which increased by 0.3% monthly and by 2.5% annualized.
Here are the key factors to keep in mind today for Swiss Franc trades:
- Swiss CPI: The Swiss CPI for October increased by 0.1% monthly and by 0.7% annualized. Economists predicted an increase of 0.1% monthly and of 0.7% annualized. Forex traders can compare this to the Swiss CPI for September which increased by 0.2% monthly and by 0.7% annualized. The Swiss EU Harmonized CPI for October decreased by 0.1% monthly and increased by 0.8% annualized. Forex traders can compare this to the Swiss EU Harmonized CPI for September which increased by 0.2% monthly and by 0.8% annualized.
- Swiss Total Sight Deposits and Swiss Domestic Sight Deposits: Swiss Total Sight Deposits for the week of November 3rd were reported at CHF577.8B and Swiss Domestic Sight Deposits were reported at CHF468.8B. Forex traders can compare this to Swiss Total Sight Deposits for the week of October 27th which were reported at CHF578.5B and to Swiss Domestic Sight Deposits which were reported at CHF469.4B.
Should price action for the EURCHF remain inside the or breakout above the 1.1590 to 1.1630 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1610
- Take Profit Zone: 1.1710– 1.1750
- Stop Loss Level: 1.1560
Should price action for the EURCHF breakdown below 1.1590 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1560
- Take Profit Zone: 1.1390 – 1.1432
- Stop Loss Level: 1.1590
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